BTC update
Yesterday the price of Bitcoin crashed by over $700 which resulted into a breakdown of the rising Trendline 1
However, we had a good reaction at the 0.236 Fib level with multiple long wicks going below it
👉The fact that we are still creating higher lows is bullish
As long as BTC is holding the supporting Trendline 2 we have good chances to see a gradual moving to 12k. Break it down, next support is Trendline 3
🐻 BTC will be bearish below 0.382 Fib, because in this case a strong horizontal support level will be broken & the sequence of higher lows will be interrupted
To put 13k+ target back on the table we need to see a return back to the flat top (12k) of a potential ascending triangle
Yesterday the price of Bitcoin crashed by over $700 which resulted into a breakdown of the rising Trendline 1
However, we had a good reaction at the 0.236 Fib level with multiple long wicks going below it
👉The fact that we are still creating higher lows is bullish
As long as BTC is holding the supporting Trendline 2 we have good chances to see a gradual moving to 12k. Break it down, next support is Trendline 3
🐻 BTC will be bearish below 0.382 Fib, because in this case a strong horizontal support level will be broken & the sequence of higher lows will be interrupted
To put 13k+ target back on the table we need to see a return back to the flat top (12k) of a potential ascending triangle
